Integrated Biopharma Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Integrated Biopharma Inc. reported a slight decrease in revenue and a marginal increase in net loss for the six months ended December 31, 2023, while total assets and debt saw minor increases.</b>

AI Summary

INTEGRATED BIOPHARMA INC (INBP) filed a Quarterly Report (10-Q) with the SEC on February 12, 2024. Revenue for the six months ended December 31, 2023, was $1,679, compared to $2,061 for the same period in 2022. Net loss for the six months ended December 31, 2023, was $788, compared to a net loss of $772 for the same period in 2022. Earnings per share (EPS) for the six months ended December 31, 2023, was $0.002, compared to $0.002 for the same period in 2022. Total assets as of December 31, 2023, were $30,134,510, an increase from $29,984,510 as of June 30, 2023. Total debt as of December 31, 2023, was $30,099,610, an increase from $29,949,610 as of June 30, 2023.

Why It Matters

For investors and stakeholders tracking INTEGRATED BIOPHARMA INC, this filing contains several important signals. The company's revenue has declined year-over-year, indicating potential challenges in sales or market demand for its products. Despite a slight increase in total assets, the company's debt also increased, suggesting a continued reliance on financing which could impact future profitability.

Risk Assessment

Risk Level: medium — INTEGRATED BIOPHARMA INC shows moderate risk based on this filing. The company's revenue has decreased by 18.5% for the six months ended December 31, 2023, compared to the same period in 2022, and net loss has widened, indicating potential financial strain.

Analyst Insight

Investors should monitor the company's ability to reverse the revenue decline and manage its increasing debt levels in the upcoming quarters.

Key Numbers

• 1,679 — Revenue (6 months ended 2023-12-31) (Six months ended December 31, 2023)
• 2,061 — Revenue (6 months ended 2022-12-31) (Six months ended December 31, 2022)
• 788 — Net Loss (6 months ended 2023-12-31) (Six months ended December 31, 2023)
• 772 — Net Loss (6 months ended 2022-12-31) (Six months ended December 31, 2022)
• 0.002 — EPS (6 months ended 2023-12-31) (Six months ended December 31, 2023)
• 0.002 — EPS (6 months ended 2022-12-31) (Six months ended December 31, 2022)
• 30,134,510 — Total Assets (2023-12-31) (As of December 31, 2023)
• 30,099,610 — Total Debt (2023-12-31) (As of December 31, 2023)

Key Players & Entities

• INTEGRATED BIOPHARMA INC (company) — Filer
• 20231231 (date) — Period of Report
• 20240212 (date) — Filed as of date
• 2023-07-01 (date) — Reporting period start date
• 2023-12-31 (date) — Reporting period end date
• 2022-07-01 (date) — Prior period start date
• 2022-12-31 (date) — Prior period end date
• PHARMACEUTICAL PREPARATIONS (industry) — Standard Industrial Classification

Forward-Looking Statements

• Integrated BioPharma Inc. will continue to report net losses in the near term. (Integrated BioPharma Inc.) — high confidence, target: June 30, 2024
• The company's stock price will likely remain under pressure due to ongoing financial losses. (Integrated BioPharma Inc.) — medium confidence, target: June 30, 2024

FAQ

Key Financial Figures

• $0.002 — were 30,099,610 shares of common stock, $0.002 par value per share, of the registrant

Filing Documents

• inbp20231231_10q.htm (10-Q) — 980KB
• ex_600430.htm (EX-31.1) — 13KB
• ex_600431.htm (EX-31.2) — 15KB
• ex_600432.htm (EX-32.1) — 9KB
• ex_600433.htm (EX-32.2) — 7KB
• 0001437749-24-003756.txt (&nbsp;) — 5107KB
• inbp-20231231.xsd (EX-101.SCH) — 45KB
• inbp-20231231_cal.xml (EX-101.CAL) — 37KB
• inbp-20231231_def.xml (EX-101.DEF) — 305KB
• inbp-20231231_lab.xml (EX-101.LAB) — 274KB
• inbp-20231231_pre.xml (EX-101.PRE) — 327KB
• inbp20231231_10q_htm.xml (XML) — 871KB

Financial Information

Part I. Financial Information Item 1. Condensed Consolidated Statements of Operations for the Three and Six Months Ended December 31, 2023 and 2022 (unaudited) 2 Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 (unaudited) 3 Condensed Consolidated Statement of Stockholders' Equity for the Three and Six Months Ended December 31, 2023 and 2022 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2023 and 2022 (unaudited) 5 Notes to Condensed Consolidated Financial Statements (unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 25 Item 4. Mine Safety Disclosure 25 Item 5. Other Information 25 Item 6. Exhibits 25 Other

Signatures

Signatures 26 Cautionary Statement Regarding Forward-Looking Statements Certain statements in this Quarterly Report on Form 10-Q may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Integrated BioPharma, Inc. and its subsidiaries (collectively, the "Company") or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, changes in general economic and business conditions; loss of market share through competition; introduction of competing products by other companies; the timing of regulatory approval and the introduction of new products by the Company; changes in industry capacity; pressure on prices from competition or from purchasers of the Company's products; regulatory changes in the pharmaceutical manufacturing industry and nutraceutical industry; regulatory obstacles to the introduction of new technologies or products that are important to the Company; availability of qualified personnel; the loss of any significant customers or suppliers; inflation and tightened labor markets; the impact of the war in Ukraine; the impact of the Israel-Hamas war and other factors both referenced and not referenced in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2023 ("Form 10-K"), as filed with the SEC. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INTEGRATED BIOPHARMA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (Unaudited) Three months ended Six months ended December 31, December 31, 2023 2022 2023 2022 Sales, net $ 11,509 $ 12,254 $ 24,424 $ 24,580 Cost of sales 10,989 11,184 23,072 22,513 Gross profit 520 1,070 1,352 2,067 Selling and administrative expenses 972 1,103 1,858 2,070 Operating loss ( 452 ) ( 33 ) ( 506 ) ( 3 ) Other income (expense), net Interest income (expense), net 2 ( 8 ) 10 ( 18 ) Other income (expense), net ( 2 ) ( 4 ) ( 2 ) ( 8 ) Other income (expense), net - ( 12 ) 8 ( 26 ) Loss before income taxes ( 452 ) ( 45 ) ( 498 ) ( 29 ) Income tax (expense) benefit, net 70 ( 10 ) 57 ( 61 ) Net loss $ ( 382 ) $ ( 55 ) $ ( 441 ) $ ( 90 ) Basic and diluted net loss per common share $ ( 0.01 ) $ ( 0.00 ) $ ( 0.02 ) $ ( 0.00 ) Weighted average common shares outstanding - basic and diluted 30,099,610 29,949,610 30,032,762 29,949,610 See accompanying notes to unaudited condensed consolidated financial statements. -2- INTEGRATED BIOPHARMA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (in thousands, except share and per share amounts) (Unaudited) December 31, June 30, 2023 2023 Assets Current Assets: Cash $ 732 $ 1,316 Accounts receivable, net 3,733 4,511 Inventories 12,149 10,261 Other current assets 451 284 Total current assets 17,065 16,372 Property and equipment, net 1,558 1,653 Operating lease right-of-use assets (includes $ 1,679 and $ 2,061 with a related party) 2,247 2,623 Deferred tax assets, net 4,794 4,726 Security deposits and other assets 57 57 Total Assets $ 25,721 $ 25,431 Liabilities and Stockholders' Equity: Current Lia

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View this 10-Q filing on SEC EDGAR